Corn futures closed higher on Thursday, bouncing back from recent losses. While weekly export sales showed last week's business at the low end of expectations, demand is expected to pick up this week due to the price break. South Korea reportedly bought nearly a half million tonnes of U.S. corn overnight. CBOT March was 6 1/2 cents higher at $3.72 1/2 and December 2007 was 4 3/4 cents higher at $3.54.



Soybean futures ended higher on Thursday. The gains were attributed to a technical bounce after soybeans had lost about 30 cents over the past week. Weekly export sales were not much of a factor this morning as they were in the middle of trade expectations at 25 million bushels. January ended 7 3/4 cents higher at $6.62 and March was 8 cents higher at $6.76 1/4.



Wheat futures were slightly higher on Thursday. The market managed a small rebound after yesterday's sharp decline. Corn and soybeans turned solidly higher while the wheat market followed suit only grudgingly, turning higher in late trading. CBOT Mar was 1/4 of a cent higher at $4.95 3/4. KCBT Mar was up 2 3/4 cents at $5.13 3/4 and MGE Mar gained 2 1/2 cents to close at $5.09.



Cattle futures closed mostly higher on Thursday. A round of short covering sparked an early afternoon bounce but there was limited buying interest. Ideas that cash cattle will be firm to higher this week is lending support although the cash market standoff is weakening the confidence of anxious longs. December was 30 points higher at $86.65 but February fell 12 points to close at $89.30. January feeder cattle were 77 points higher at $99.85.



Lean hog futures bounced higher on Thursday after struggling in recent sessions. Recent gains in cash prices coupled with short covering and technical buying helped to support futures today. A bounce in corn prices was supportive for deferred hog contracts. February was 43 cents higher at $64.28. June hogs ended 48 cents higher at $73.55.